this post was submitted on 06 Mar 2024
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Uh? Do people not normally get raises regularly? At least to keep up with inflation?
Cost of living, yes, and if you’re a solid performer, 3% is considered good. However, this is a 5% across the board, and a large increase to entry level.
Love that 3% is considered good but Inflation beats it everytime
For what country?
In the US, at least, the long term average is 3.10%, including the post-1913 Great Depression and the Oil Crisis/Great Inflation of the 1970s. From 1990-2020, the average has been 2.2%, just slightly worse than the stated goal of current US economic policy, which is to maintain long term inflation at a rate of 2%.
Meaning, 3% beats inflation significantly more than half of the time, especially since 1990.
Well if we use the US - we have to acknowledge that the actual rate of inflation is not on that chart. For starters it does not even take into account Shrinkflation - a trend that is not new. Secondly - the calculation changes to make inflation appear significantly lower for multiple reasons.
https://www.fedsmith.com/2023/04/19/inflation-severity-depends-how-its-measured/
https://www.cnbc.com/id/42551209
Then there are problems that CPI doesn't cover housing costs anymore. And it allows nonsensical substitution. Such as implying that if you are used to buying $10 Roast Chicken - and are now forced to buy $2 Canned Chicken - you have experienced deflation. But in reality you cannot afford the roast chicken because of high inflation and your standard of living has gone down.
https://courses.lumenlearning.com/wm-macroeconomics/chapter/examining-the-consumer-price-index/
We have too many measures tied to Poverty Rate and Inflation that it's a quagmire to change it to reflect reality.
We had two consecutive years of 6-8% general inflation in Spain, and lots of raw food products almost doubled in size, and while that went down a while ago, they still stayed at a 30% increase. Salaries didn't increase though, most companies in my sector gave a fat round 0 increase as a baseline, then a 4-5% increase for people that excelled in performance.
Yeah we do earn way more than the minimum wage but we are basically earning less than last year, every year.